paologorgo
Chapter 11
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TXCO Resources Inc.’s common stock officially will cease trading on the Nasdaq Global Select Market this week as the company continues to work on its Chapter 11 bankruptcy reorganization proceedings.
The company’s stock will be delisted on Nasdaq, effective May 28. TXCO is seeking a listing on the OTC Bulletin Board. In the interim, the company’s common stock will be quoted on the Pink Sheets.
In other news, the U.S. Bankruptcy Court for the Western District of Texas granted TXCO Resources Inc. interim authorization to borrow up to $12.5 million under its proposed $32 million debtor-in-possession credit facility.
The initial disbursement of the funds are being applied toward day-to-day operations, such as payroll, employee benefits and royalty payments.
TXCO filed for Chapter 11 bankruptcy protection on May 18.